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Tax-free forgiveness of debts issued by non-residents.

DATE: August 28, 2023 | AUTHOR: AT

The amendments to the Russian Tax Code (Clause 60.3 of Article 217 of the Russian Tax Code) include an additional personal income tax benefit, in particular, tax exemption of income of an individual (Russian tax resident) gained due to forgiveness of the debt by a foreign company / foreign citizen (tax non-resident of Russia) in 2023:

  • Under share (interest) purchase agreements of Russian companies, concluded after 01.03.2022, if the shares (interest) were held by a non-resident as of 01.03.2022.
  • Under assignment agreements concluded before 31.12.2023 to share (interest) purchase agreements of Russian companies where the assignee is a foreign company (foreign citizen, non-resident of the Russian Federation).

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